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Trade Leased Car Meridian ID

Trading a leased car is not quite the same as trading a car that has been purchased, even those purchased with a loan. There are differences that often make it not feasible, even though it might not be obvious at first glance.

Enterprise Rent A Car
(208) 888-3559
613 S Meridian Rd
Meridian, ID
 
Penske Truck Rental
(208) 938-0846
943 W Overland Rd
Meridian, ID
 
Dan Wiebold Ford
(866) 854-3061
5707 East Gate Blvd
Nampa, ID
 
Avis Rent A Car
(208) 468-7932
16019 Idaho Center Blvd
Nampa, ID
 
Enterprise
(208) 468-2330
15700 Can Ada Rd
Nampa, ID
 
U-Haul Company
(208) 893-5180
2490 W Franklin Rd
Meridian, ID
 
U-Haul Company
(208) 846-9482
2055 S Locust Grove Rd
Meridian, ID
 
Enterprise Auto Rental
(208) 321-7936
213 W Fairview Ave
Boise, ID
 
Penske Truck Rental
(208) 288-1827
103 N Broadmore Way
Nampa, ID
 
Uts Nationalease
(208) 468-9401
915 E Karcher Rd
Nampa, ID
 

Trade Leased Car

You are leasing a car and are considering buying or leasing another car. Is it a good idea to trade a leased car before the old lease is finished โ€“ or is it better to wait until lease-end to trade โ€“ or neither?

Trading a leased car is not quite the same as trading a car that has been purchased, even those purchased with a loan.

There are differences that often make it not feasible, even though it might not be obvious at first glance.

Let's review some leasing basics first
When leasing, you don't own the vehicle. You also don't build up any ownership equity unless you made a very large down payment or had a valuable trade-in at the beginning of the lease.

This means, for most leases, your payments never quite keep up with the ever-increasing depreciated value of the vehicle โ€” you are always "upside down." Even at the end of the lease, the actual market value of the vehicle will usually be less than the residual, or purchase option, value.

Therefore, you have nothing to trade to a dealer for a new vehicle. You have no "equity."

The exception, again, would be if either your early payoff amount (get it from your lease company) or the sum of remaining payments is less than the market value, or trade-in value, of your vehicle. You can check trade-in values at www.kbb.com or www.nadaguides.com. The way that this might happen is if you had made a large down payment (cap cost reduction) at the beginning...

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